Lagos-based asset manager gets CMA nod to set up in Kenya

CMA acting chief executive Wyckliffe Shamiah. FILE PHOTO | NMG

By BRIAN NGUGI
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Summary

• The Capital Markets Authority (CMA) has cleared Lagos based CFS Asset Management Limited to operate as a fund manager in Kenya.
• The firm, a subsidiary of pan-African investment firm Cititrust Holdings Plc, will join 25 other fund managers in Kenya in a battle for a piece of the lucrative asset management business.
• CFS Asset Management managing director Femi Alli, welcomed the nod, adding that the firm would use Kenya as a gateway to the rest of East Africa.

The Capital Markets Authority (CMA) has cleared Lagos based CFS Asset Management Limited to operate as a fund manager in Kenya.

The firm, a subsidiary of pan-African investment firm Cititrust Holdings Plc, will join 25 other fund managers in Kenya in a battle for a piece of the lucrative asset management business.

“We are pleased to advise that the Capital Markets Authority has approved the grant of licence to CFS Asset Management Limited to operate as a Fund Manager,” acting CMA chief executive Wyckliffe Shamiah said in a letter dated November 2 to CFS Asset Management chairman Michael Monari.

“Your attention is drawn to the requirements for fund managers as provided in the Capital Markets Act (Cap 485A laws of Kenya) and the Regulations and Guidelines issued thereunder. Please ensure full compliance.”

CFS Asset Management managing director Femi Alli, welcomed the nod, adding that the firm would use Kenya as a gateway to the rest of East Africa.